Credit Score in 11422>Question Details

Modessti, Home Buyer in Rosedale, NY

I have a credit score of 628 and a few negative remarks on my credit report for 6-8 years ago late payments and presently no credit card activity

Asked by Modessti, Rosedale, NY Sun Jun 23, 2013

I am looking to purchase my first home by the end of the year, how will that affect my chance for a mortgage and what can I do to increase my chances...

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FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, Have you heard of The Lenders Network? I send clients that have credit issues to them.. If anyone can get you approved they can!
2 votes Thank Flag Link Mon Feb 10, 2014
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer visit with any licensed loan officer; at the very least, if you don't yet qualify, he/she can offer great suggestions as to what needs to be done....
1 vote Thank Flag Link Sun Jun 23, 2013
Well any negative remark can spoil the ongoing party, that is why if possible try to improve your credit score as much as possible. Since it will help you to get housing loan from any financial institutes without much hiccups.
0 votes Thank Flag Link Wed Apr 30, 2014
Good morning Modessti,

I hope someone was able to go over everything with you and you got a better understanding. If not give me a call today 646-944-5685 and i will have someone to help you.

Best regards,
0 votes Thank Flag Link Wed Apr 30, 2014
0 votes Thank Flag Link Wed Jul 31, 2013
You must pull all three of your credit reports. You can do so via the website. You can obtain 2 free scores by going to (Trans Union) and credit (Experian). I believe is either Experian or Equifax, also free, and you can get a free score range of your Equifax by going to and sign up for the 10 day trial and be sure to cancel before the 10 days.

Once you have all three of your scores and all three agency reports in front of you, begin to dispute any errors and pay off debts. If you do this for the next 6 months you should be in a better buying position.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker…
0 votes Thank Flag Link Mon Jun 24, 2013
To be honest we would need to pull your credit to see how it is affecting you and where we can improve the score to maximize the probability of a good interest rate. Your score is loanable - when you are ready contact me and I will help you through the process. But in the meantime - it is ok to use credit cards it shows that you are capable of managing credit. For the best scoring carry a 15% and under usage monthly of your total limit. This would actually help your score in the long run. The best cases I have scene for a situation similar to yours is they had one revolving account and two to three credit cards only. remembering that the goal of the accounts is to manage your credit wisely and to increase your score. I am not saying go out and get credit cards but take a look at what you have and build from there. Let me know if I can help in anyway or if you just need to ask a question. Feel free to call.

Sherry Stokes
RE Ebroker
0 votes Thank Flag Link Sun Jun 23, 2013
I would say you should actively use your credit cards and maintain low balances. If you have any pending collections or charge-off accounts, you should address them now as well. You want your credit score to be as high as possible.

Consider meeting with a Loan Officer who can evaluate your credit and income documents so that you have a better idea of where you stand. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Jun 23, 2013
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